Closing Gold & Silver Market Report – 12/20/2012
PRECIOUS METALS HOLD FIRM, STOCKS FALL AS BUDGET DEADLINE APPROACHES
Precious Metals prices are up slightly today following a small dip in the U.S. dollar. Anthem Blanchard of Blanchard Vault noted, “You’re seeing Gold follow weakness in the dollar mostly, and [the market] feeling a little bit of too much selling that’s happened prior in terms of concerns about the fiscal cliff.” Low volume trading during the holidays and leading up to fiscal cliff are also factors causing the modest market movement.
The Dow Jones Industrial Average and S&P 500 are down today due to a slump in retailer data as Washington policy makers approach the fiscal cliff deadline. Countless questions remain concerning the nation’s need for a resolution to the $600 billion in tax hikes and budget cuts set to take effect Jan. 1, 2013. Scott Armiger, money manager at Christiana Trust, said, “With the fiscal cliff, the questions are how bad will the deal be or will they just extend it and let the new Congress address it?” Though the particular elements of the fiscal cliff are set to be staggered in over time, the effects of not reaching a solution by the end of 2012 could have a negative impact on traditional equities markets.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1661.20, Up $1.20.
- Silver, $30.10, Up $0.21.
- Platinum, $1538.80, Up $1.90.
- Palladium, $692.50, Up $8.00.
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